First investment - Boone Home

[Joe Muir]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $107,000
Cash invested: $25,000
Sale price: $180,000

My first home purchased was a fix-and-flip. My wife and I lived in the home while preforming all the renovations. We sold the residence and moved back to South Florida.

What made you interested in investing in this type of deal?

Renting has never made sense to me and I wanted to build equity.

How did you find this deal and how did you negotiate it?

I found it through a local listing on the verge of foreclosure. It was purchased as a short sale.

How did you finance this deal?

I sold my vehicle to come up with the 3% to purchase home with a FHA loan.

How did you add value to the deal?

Fully renovated the property, inside and out.

What was the outcome?

Sold the home with enough profit to start another project in South Florida.

Lessons learned? Challenges?

I wish I had the knowledge I do now to come up with a way to hold on to the property. However, we needed the proceeds to move and purchase a new home.